Consignment is the act of entrusting an item to another person but retaining ownership until the goods are sold. The sale may be completed in a traditional store or through eCommerce. The owner of the goods is known as consignor, the agent as consignee. The agent sells the item on behalf of the consignor according to her/his instructions. UsedOboes.com provides an opportunity for customers to test an instrument before purchasing.
Features of consignment are:
The word consignment comes from FR. consigner "to hand over or transmit", originally from Lat. consignare "to affix a seal," as was done with official documents just before being sent.
"Consignment shop" is an American term for shops that sell used goods for owners (consignors), typically at a lower cost than new. In Consignment shops, it is usually understood that the consignee (the seller) pays the consignor (the person who owns the item) a portion of the proceeds from the sale. Payment is not made until and unless the item sells. The consignor retains title to the item and can end the arrangement at any time by requesting its return. A specified time is commonly arranged after which, if the item does not sell, the owner can reclaim it (or, if not reclaimed within a period, the seller can dispose of the item at his or her discretion).
Consignment shops differ from charity or thrift shops, in which the original owners surrender physical possession and legal title to the item as a charitable donation, and the seller retains all proceeds from the sale. They also differ from pawn shops, in which the original owner can surrender physical possession and legal title for an immediate payment, or surrender physical possession of the item in exchange for a loan, and can only reclaim the item upon repayment of the loan with interest or else surrender legal title to the item.
A consignor brings their second-hand items in to be reviewed. After being reviewed, a "yes" pile will be made. These are the items that are acceptable for selling. These items are generally in perfect condition and lightly used without any damages/defects. The items will be priced at a fraction of their retail price. When a consignor's item(s) sell, they make a percentage of the sold price so that the store and the consignor make a profit. Policies differ amongst stores, but the concept remains the same.
Consignment differs from "selling outright", where a seller brings items in and receives immediate payment on review.
Consignee may, at any time, demand that the instrument be removed from Consignee’s premises upon 48 hour notice to Consignor.
No supplement, modification or amendments of this agreement shall be binding unless it is executed in writing by each of the parties. No waiver of any of the provisions of this agreement shall be deemed or shall constitute a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver. No waiver shall be binding unless executed in writing by the party making the waiver.